First Harvest Corp. (OTCPK:HVST) announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note for gross proceeds of $175,000 with accredited investor Auctus Private Equity Management, Inc. on April 7, 2017. The note carries a fixed coupon of 12% per annum and would mature on April 7, 2018. Any amount of principal or interest that is due, which is not paid by the note on maturity date, will bear interest at the rate of 24% per annum until it is paid. The note is convertible into common shares of the company at a conversion price equal to the lesser of a 60% discount to the lesser of the lowest traded price and closing bid price of the common stock during the 25 trading days. The notes will be issued at par value. The company will also issue warrants to purchase 62,500 common shares at an exercise price of $2 per share for a period of five years from the date of closing.